Miami s population is 6.2M, with a total workforce of 2.7M. The labor market grew by 56,500 jobs over the past year, up by 2.1%. The median household income in Miami is $56,950, 4.9% higher than last year and 9.9% below the national average of $63,179.
In the housing market, total permits issued totaled 22,052 over the last twelve months, up 11.3% year-over-year. Miami has 300 active new home projects on the market, 1.6% fewer than the 305 from last year. The average list price in the market is $672,698, 12.6% higher than last year and 124.7% above the national average. Over the last three months, new home contracts decreased by 6.9% to 1,535. Homestead and Miami had the highest concentration of the new home contracts in the Miami market.